Discover Cashback Checking Change to 1% CB :-(
Instead of the .10 per transaction. Really enjoyed paying bills a $1.00 at time. I couldn’t tell from the blurb when the change will be effective.
Any suggestions for a high transaction checking accounts? If not, may just transact out of my CCU RCA.
Update to say the change goes in to effect 12/1/17 so party on another month.
Is this only on the debit card, wonder if they will still pay $0.10 per transaction for checks and online bill pay?
I’d have to double check, but initial read was the $0.10 was going bye bye completely.
They sent the new deposit agreement online which reads as follows:
Product Impacted: Cashback Checking Account
(a) The following terms apply to Cashback Bonus rewards earned prior to December 1, 2017: You may earn Checking Cashback Bonus rewards based on qualifying activity in your Cashback Checking Account. Eligible customers will earn Checking Cashback Bonus rewards of $0.10 for:
(i) each debit card purchase transaction,
(ii) each check written that clears the Checking Account, or
(iii) each Online Bill Pay transaction that is initiated in the Discover Bank Account Center and is successfully completed.
Customers can earn Checking Cashback Bonus rewards on up to 100 transactions per calendar month, in any combination of the above.
Customers are limited to being an owner, whether individual or joint, to a maximum of five (5) Cashback Checking Accounts.
ACH transactions, including when a physical check is converted to an ACH debit transaction, are not eligible for Cashback Bonus rewards.
Checking Cashback Bonus rewards will be earned monthly and posted to your Checking Cashback Bonus account on the Business Day following your statement end date. Your Checking Account must be open when Bonus rewards are posted.
(b) The following terms apply to Checking Cashback Bonus rewards earned on December 1, 2017 or after:
You may earn Checking Cashback Bonus Rewards based on qualifying debit card purchases made using your Discover Cashback Checking Account debit card. You will earn Checking Cashback Bonus rewards of 1% of the qualifying debit card purchases on up to $3,000 in purchases per calendar month.
Qualifying debit card purchases include
(i) Point-of-sale purchases made with your debit card, excluding any cash over portion of the purchase and
(ii) Online purchases made with your debit card, except bill payment or funding, depositing or payment of any prepaid card or account or a deposit account.
In addition, debit card purchases that are not eligible for 1% Checking Cashback Bonus rewards include:
(i) Any transaction conducted at an ATM,
(ii) The purchase of money orders or other cash-equivalents,* and
(iii) Peer-to-Peer (P2P) payments.**
In addition to the three exclusions above, purchases made using third-party payment accounts (services such as Venmo® or PayPal™ who also provide P2P payments) may not be eligible for cashback rewards.
*Cash-equivalents include, but are not limited to: currency, coins, negotiable items not yet deposited, U.S. treasury bills and commercial paper.
**P2P payments are defined as electronic money transfers made from one individual’s bank account or credit card to another individual’s bank account or credit card through a P2P payment application.
I also sent them a secure message before I received that and this was what they said:
"Effective December 1, 2017, there will be an update to the Cashback Checking rewards. These changes will allow you to earn Checking Cashback Bonus rewards of 1% of qualifying debit card purchases on up to $3,000 in purchases per calendar month. The Checking Cashback Bonus can be earned through both point-of-sale and online purchases. This means you will no longer earn Cashback Bonus for checks and bill payments.
Please note, the following debit card transactions will not be eligible to earn rewards:
-Any transaction conducted at an ATM
-The cash over portion of any point-of-sale purchase
-The purchase of money orders, or cash-equivalents (currency, coins, negotiable items not yet deposited, U.S. treasury bills and commercial paper)
-Peer-to-Peer (P2P) payments
-Purchases made using third-party payment accounts (services such as Venmo® or PayPal?)
Cashback Bonus will continue to be earned monthly and posted to your Cashback Bonus balance on the Business Day following your statement end date.
For a complete list of changes on all products, please refer to the recent secure message we sent detailing the Deposit Account Agreement changes."
So looks like the cashback for bill payments and checks is gone, so much for the cashback checking part as it’s only on the debit card now which is useless. I already sent them my feedback that I will be using credit cards instead which provides higher cash back as the $0.10 per transaction on debit, checks and bill pay were the good features on the account.
Ma Barker last edited by Ma Barker
I will send them SM to ask if one of my savings account can be converted/product changed to a checking account with no overdraft protection so I can avail of this DC promo up to $30 per month.
Why would you want to get $30 per month on spending $3,000 per month when you can get 2%-5% elsewhere for spending the same amount.
Ma Barker last edited by
@almighty1 I have a plan but still thinking about it. It’s a supplement to my 2 and 3 percent CB CCs, trust me I know what I’m doing but my strategy may be fragile so I’ll tread lightly and keep my mouth shut on it till I know it works.
Yeah, would be interesting to know how it works…
Almighty1 last edited by Almighty1
I also wonder about making transactions with the debit card, if they count the transaction date or the post date as far as the December 1, 2017 date is concerned.